sui-20210217

Table of Contents


Summary - Earnings Press Release			i

Investor Information			1

Portfolio Overview			2

Financial Information
Financial and Operating Highlights			3
Consolidated Balance Sheets			4
Statements of Operations			5
Outstanding Securities and Capitalization			6

Reconciliations to Non-GAAP Financial Measures			7
Reconciliation of Net Income to Funds from Operations			8
Reconciliation of Net Income to Recurring EBITDA			9
Reconciliation of Net Income to Net Operating Income			10

Non-GAAP and Other Financial Measures			11
Debt Analysis			12

Selected Financial Information
Real Property Operations – Same Community			13
Home Sales Summary			14
Rental Program Summary			15
Acquisitions and Other Summary			16

Other Information
Property Summary			17
Capital Improvements, Development, and Acquisitions			20
Operating Statistics for Manufactured Homes and Annual RV’s			21
Footnotes and Definitions			22

NEWS RELEASE

February 17, 2021

Sun Communities, Inc. Reports 2020 Fourth Quarter Results and 2021 Guidance

Southfield, Michigan, February 17, 2021 – Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) communities, recreational vehicle (“RV”) resorts and marinas, (collectively, the “properties”), today reported its fourth quarter results for 2020.

Financial Results for the Quarter and Year Ended December 31, 2020

For the quarter ended December 31, 2020, total revenues increased $82.4 million, or 27.3 percent, to approximately $384.3 million compared to $301.8 million for the same period in 2019. Net income attributable to common stockholders was approximately $7.6 million, or $0.07 per diluted common share, for the quarter ended December 31, 2020.

For the year ended December 31, 2020, total revenues increased $134.3 million, or 10.6 percent, to approximately $1.4 billion compared to $1.3 billion for the same period in 2019. Net income attributable to common stockholders was $131.6 million, or $1.34 per diluted common share, for the year ended December 31, 2020.

Non-GAAP Financial Measures and Portfolio Performance

•Core Funds from Operations (“Core FFO”)(1) for the quarter ended December 31, 2020, was $1.16 per diluted share and OP unit (“Share”) as compared to $1.10 in the corresponding period in 2019, a 5.5 percent increase. Core FFO(1) for the year ended December 31, 2020, was $5.09 per Share as compared to $4.92 in the prior year, an increase of 3.5 percent.

•Same Community(2) Net Operating Income (“NOI”)(1) increased by 2.1 percent and 4.0 percent for the quarter and year ended December 31, 2020, respectively, as compared to the corresponding periods in 2019.

•Acquired approximately $3.0 billion of operating properties including the $2.1 billion acquisition of Safe Harbor Marinas in 2020.

•MH and Annual RV Revenue Producing Sites increased by 578 sites in the fourth quarter and 2,505 sites during the year ended December 31, 2020, bringing total portfolio occupancy to 97.3 percent.

•MH and Annual RV Rent Collections for the fourth quarter were over 96.0 percent and 97.0 percent, respectively.

Gary Shiffman, Chief Executive Officer stated, “As we reflect on the events of 2020, we are pleased with our performance and the demonstrated resilience and stability of our business and operating platform, particularly in light of the challenging environment. We generated 4.0 percent same community NOI growth, delivered 3.5 percent year over year Core FFO(1) per Share growth, deployed $3.0 billion into accretive acquisitions and raised approximately $1.9 billion in two equity offerings with strong investor demand. We are well positioned to continue delivering industry leading growth and have a new business line that broadens our opportunity set with the addition of Safe Harbor Marinas.”

Mr. Shiffman continued, “The dedication and perseverance of our team to create value for our shareholders continues to be a key factor in our success.”

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.3 percent at December 31, 2020, compared to 96.4 percent at December 31, 2019, an increase of 90 basis points.

During the quarter ended December 31, 2020, MH and annual RV revenue producing sites increased by 578 sites, bringing full year 2020 revenue producing site gains to 2,505 sites.

Same Community(2) Results

For the 367 MH and RV properties owned and operated by the Company since January 1, 2019, NOI(1) for the quarter ended December 31, 2020 increased 2.1 percent over the same period in 2019, resulting from a 5.7 percent increase in revenues and a 13.6 percent increase in expenses. Adjusted to remove the impact of $0.3 million of direct COVID-19 related health and safety expense, Same Community NOI(1) growth was 2.4 percent for the quarter ended December 31, 2020. Payroll, utilities and supplies and repair costs were elevated during the quarter primarily due to the extended season of the Company’s northern RV resorts. Same Community occupancy(3) increased to 98.8 percent at December 31, 2020 from 97.0 percent at December 31, 2019.

For the year ended December 31, 2020, NOI(1) increased 4.0 percent over the same period in 2019, resulting from a 3.6 percent increase in revenues and a 3.0 percent increase in expenses. Adjusted to remove the impact of $2.4 million of direct COVID-19 related health and safety expense, Same Community NOI(1) growth was 4.4 percent for the year ended December 31, 2020.

Home Sales

During the quarter ended December 31, 2020, the Company sold 782 homes as compared to 808 homes in the same period in 2019. The Company sold 156 and 140 new homes for the quarters ended December 31, 2020 and 2019, respectively, an increase of 11.4 percent. Pre-owned home sales were 626 in the fourth quarter 2020 as compared to 668 in the same period in 2019. Rental home sales, which are included in total pre-owned home sales, were 269 and 281 for the quarters ended December 31, 2020 and 2019, respectively.

During the year ended December 31, 2020, the Company sold 2,866 homes as compared to 3,439 homes sold during 2019. The Company sold 570 and 571 new homes during the years ended December 31, 2020 and 2019, respectively. Pre-owned home sales were 2,296 during the year ended December 31, 2020, as compared to 2,868 during 2019. Rental home sales, which are included in total pre-owned home sales, were 850 and 1,140 for the years ended December 31, 2020 and 2019, respectively.

Rent Collections

For the fourth quarter of 2020, MH and annual RV rent collections were over 96.0 percent and 97.0 percent, respectively, after adjusting for the impact of COVID-19 related hardship deferrals and prepaid rent balances.

January 2021 rent collections were 97.0 percent for MH and 97.0 percent for annual RV.

PORTFOLIO ACTIVITY

Acquisitions

During and subsequent to the quarter ended December 31, 2020, the Company acquired the following communities and resorts:


Property Name	Property Type	Sites	State	Total Purchase Price (in millions)		Month Acquired







Gig Harbor	RV	115	WA	$	15.3	November
Maine MH Portfolio(a)	MH	1,083	ME	$	81.3	November
Mouse Mountain	MH / RV	304	FL	$	15.5	December
Lakeview Mobile Estates	MH	296	CA	$	23.8	December
Shenandoah Acres	RV	522	VA	$	17.0	December
Jellystone at Barton Lake	RV	555	IN	$	24.0	December
Kittatinny Portfolio(b)	RV	527	NY & PA	$	16.3	December
Association Island KOA	RV	294	NY	$	15.0	January
Blue Water	RV	177	UT	$	9.0	February
Tranquility MHC	MH	25	FL	$	1.3	February

		3,898		$	218.5

(a) Includes six MH communities.

(b) Includes two RV resorts.

iii

During and subsequent to the quarter ended December 31, 2020, the Company acquired the following marinas:


Property Name	Wet Slips & Dry Storage Spaces	State	Total Purchase Price (in millions)		Month Acquired
Safe Harbor Marinas(a)	37,305	Various	$	2,016.4	October
Hideaway Bay(b)	628	GA	$	32.9	November
Anacapa Isle(b)	453	CA	$	13.9	December
Annapolis	184	MD	$	31.0	December
Wickford	60	RI	$	3.5	December
Rybovich Portfolio(c)	78	FL	$	368.8	December
Rockland	173	ME	$	16.0	December
Islamorada and Angler House(d)	251	FL	$	18.0	February
	39,132		$	2,500.5

(a) Includes 99 owned marinas located in 22 states. In conjunction with the acquisition, the Company issued Series H preferred OP units. As of December 31, 2020, 581,407 Series H preferred OP units were outstanding.

(b) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of the marinas was contingent on receiving third party consents.

(c) Includes two marinas. In conjunction with the acquisition, the Company issued Series I preferred OP units. As of December 31, 2020, 922,000 Series I preferred OP units were outstanding.

(d) Includes two marinas.

During the year ended December 31, 2020, the Company acquired 24 MH communities and RV resorts with 6,919 sites and 106 marinas with over 38,800 wet slips and dry rack storage spaces for a total purchase price of approximately $3.0 billion.

Construction Activity

During the quarter ended December 31, 2020, the Company completed the construction of nearly 50 sites in two ground-up developments and one redevelopment property, and over 120 expansion sites in one RV resort and one MH community. Full-year ground-up and redevelopment site deliveries were over 1,000 sites in five properties and over 300 total expansion sites in eight properties.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt Transactions

As of December 31, 2020, the Company had approximately $4.8 billion of debt outstanding. The weighted average interest rate was 3.4 percent and the weighted average maturity was 9.4 years. The Company had $83.0 million of unrestricted cash on hand. At December 31, 2020, the Company’s net debt to trailing twelve-month Recurring EBITDA(1) ratio was 6.9 times, which includes all of Safe Harbor’s debt, but only two months of its EBITDA contribution.

During the quarter ended December 31, 2020, as previously disclosed, the Company entered into a new $260.0 million term loan secured by 11 MH and RV properties. The loan has a 12-year maturity and a fixed interest rate of 2.64 percent.

Equity Transactions

During the quarter ended December 31, 2020, as previously disclosed, the Company closed an underwritten registered public offering of 9,200,000 shares of common stock. Proceeds from the offering were $1.2 billion after deducting expenses related to the offering. The Company used the net proceeds of the offering to fund the cash portion of the acquisition of Safe Harbor and for working capital and general corporate purposes.

2021 Distributions

The Company’s Board of Directors has approved setting the 2021 annual distribution rate at $3.32 per common share, an increase of $0.16, or 5.1 percent, over the current $3.16 per common share for 2020. This increase will begin with the first quarter distribution to be paid in April 2021. While the Board of Directors has adopted the new annual distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors.

New Director

On February 11, 2020 the Board of Directors increased the size of the board from seven to eight directors and appointed Tonya Allen to the Company’s Board of Directors as an independent director. Ms. Allen brings an expert perspective on sustainability and social issues, an important focus for the Company.

2021 GUIDANCE

The estimates and assumptions presented below represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions through the date of this release and exclude prospective acquisitions and capital markets activity. The estimates and assumptions are forward-looking based on the Company’s current assessment of economic and market conditions, as well as other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

Notes to 2021 guidance:

•Includes contributions from recently completed acquisitions

–$218.5 million of MH community and RV resort acquisitions in the fourth quarter 2020 and subsequent to year end

–$437.3 million of marina acquisitions subsequent to the closing of the Safe Harbor transaction on October 30, 2020

•Includes a lower transient RV revenue estimate of $8.0 - $10.0 million in the first quarter 2021 due to the extension of the Canadian border closure order and the California travel restrictions imposed through early February, 2021

Earnings and Core FFO(1)


			Net Income
Weighted average common shares outstanding (in millions)			106.9
First quarter 2021, basic earnings per share			$0.08 - $0.12
Full year 2021, basic earnings per share			$1.66 - $1.82


									Core FFO(1)
Weighted average common shares outstanding, fully diluted (in millions)(i)									112.7
First quarter 2021, Core FFO(1) per Share									$1.13 - $1.17
Full year 2021, Core FFO(1) per Share									$5.79 - $5.95

(i) Certain securities that are dilutive to the computation of Core FFO(1) per fully diluted share in the table above have been excluded from the computation of net income per fully diluted share, as inclusion of these securities would have been anti-dilutive to net income per fully diluted share.


	1Q21		2Q21		3Q21		4Q21
Seasonality of Core FFO(1)	19.6	%	26.2	%	32.8	%	21.4	%

Total MH and RV Portfolio

Number of properties: 446


	2020 Actual (in millions)		2021E Change %


Income from real property	$	1,002.4	10.9% - 11.4%


Total property operating expenses	367.3		13.7% - 14.4%
Net operating income	$	635.1	8.8% - 10.1%


	1Q21		2Q21		3Q21		4Q21
Seasonality of total MH and RV portfolio NOI	22.6	%	25.0	%	28.6	%	23.8	%


	2021E
MH weighted average monthly rental rate increase	3.2	%
RV weighted average monthly rental rate increase	4.3	%
Blended weighted average monthly rental rate increase	3.4	%

Increase in revenue producing sites	2,150 - 2,350

New home sales volume	550 - 650
Pre-owned home sales volume	2,400 - 2,600

Newly built ground-up and expansion sites	1,200 - 1,600

General and Administrative Expenses

2021E

General and administrative expenses

$163.7 - $167.3

General and administrative expenses include the impact of the Company’s entry into the marina asset class. The marina portfolio is operated as an independent wholly-owned subsidiary retaining its own senior management, property management and back office operations. As significant growth potential through the consolidation of the highly fragmented marina industry is anticipated, costs associated with scaling to effectively operate a larger portfolio are required. As a general practice, marina acquisitions are underwritten with an expected incremental general and administrative cost of 3.0 percent of revenues.

Same Community(2) Portfolio

Number of MH and RV properties: 407

Same community NOI(1) growth is expected to be between 5.6 percent and 6.6 percent for full year 2021.

Marinas

NOI(1) inclusive of the contribution from service and ancillary operations is expected to be $163.0 million - $169.0 million.


	1Q21	2Q21	3Q21	4Q21
Seasonality of marina NOI(1)	18.0%	29.0%	28.6%	24.4%

vii

EARNINGS CONFERENCE CALL

A conference call to discuss fourth quarter operating results will be held on Thursday, February 18, 2021 at 11:00 A.M. (ET). To participate, call toll-free 877-407-9039. Callers outside the U.S. or Canada can access the call at 201-689-8470. A replay will be available following the call through March 4, 2021 and can be accessed toll-free by calling 844-512-2921 or 412-317-6671. The Conference ID number for the call and the replay is 13713712. The conference call will be available live on Sun Communities’ website located at www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada.

For more information about Sun Communities, Inc., please visit www.suncommunities.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this press release that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “intends,” “intend,” “intended,” “goal,” “estimate,” “estimates,” “expects,” “expect,” “expected,” “project,” “projected,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “anticipated,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “believes,” “scheduled,” “guidance”, “target” and similar expressions are intended to identify forward-looking statements, although not all forward looking statements contain these words. These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties and other factors, both general and specific to the matters discussed in or incorporated herein, some of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and September 30, 2020, and the Company’s other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include but are not limited to:

•outbreaks of disease, including the COVID-19 pandemic, and related stay at home orders, quarantine policies and restrictions on travel, trade and business operations;

•changes in general economic conditions, the real estate industry and the markets in which the Company operates;

•difficulties in the Company’s ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;

•the Company’s liquidity and refinancing demands;

•the Company’s ability to obtain or refinance maturing debt;

•the Company’s ability to maintain compliance with covenants contained in its debt facilities;

•availability of capital;

viii

•changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian and Australian dollars;

•the Company’s ability to maintain rental rates and occupancy levels;

•the Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures;

•increases in interest rates and operating costs, including insurance premiums and real property taxes;

•risks related to natural disasters such as hurricanes, earthquakes, floods, and wildfires;

•general volatility of the capital markets and the market price of shares of the Company’s capital stock;

•the Company’s ability to maintain its status as a REIT;

•changes in real estate and zoning laws and regulations;

•legislative or regulatory changes, including changes to laws governing the taxation of REITs;

•litigation, judgments or settlements;

•competitive market forces;

•the ability of purchasers of manufactured homes and boats to obtain financing; and

•the level of repossessions by manufactured home and boat lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statement.

Investor Information

RESEARCH COVERAGE

Firm

Analyst

Phone

Bank of America Merrill Lynch

Joshua Dennerlein

(646) 855-1681

[email protected]

Berenberg Capital Markets

Keegan Carl

(646) 949-9052

[email protected]

BMO Capital Markets

John Kim

(212) 885-4115

[email protected]

Citi Research

Michael Bilerman

(212) 816-1383

[email protected]

Nicholas Joseph

(212) 816-1909

[email protected]

Evercore ISI

Steve Sakwa

(212) 446-9462

[email protected]

Samir Khanal

(212) 888-3796

[email protected]

Green Street Advisors

John Pawlowski

(949) 640-8780

[email protected]

Robert W. Baird & Co.

Wesley Golladay

(216) 737-7510

[email protected]

Wells Fargo

Todd Stender

(562) 637-1371

[email protected]

INQUIRIES

Sun Communities welcomes questions or comments from stockholders, analysts, investment managers, media, or any prospective investor. Please address all inquiries to our Investor Relations department.

At Our Website

www.suncommunities.com

By Email

[email protected]

By Phone

(248) 208-2500

4th Quarter 2020 Supplemental Information 1 Sun Communities, Inc.

Portfolio Overview

(As of December 31, 2020)

4th Quarter 2020 Supplemental Information 2 Sun Communities, Inc.

Financial and Operating Highlights

(amounts in thousands, except for *)


	Quarter Ended
	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Financial Information
Total revenues	$	384,265	$	400,514	$	303,266	$	310,302	$	301,819
Net income / (loss)	$	9,818	$	89,756	$	63,355	$	(15,478)	$	30,685
Net income / (loss) attributable to Sun Communities Inc. common stockholders	$	7,586	$	81,204	$	58,910	$	(16,086)	$	28,547
Basic earnings / (loss) per share*	$	0.07	$	0.83	$	0.61	$	(0.17)	$	0.31
Diluted earnings / (loss) per share*	$	0.07	$	0.83	$	0.61	$	(0.17)	$	0.31

Cash distributions declared per common share*	$	0.79	$	0.79	$	0.79	$	0.79	$	0.75

Recurring EBITDA(1)	$	168,527	$	199,321	$	148,650	$	156,552	$	144,738
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	110,849	$	165,209	$	118,092	$	95,046	$	105,533
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	124,872	$	162,624	$	110,325	$	117,267	$	104,534
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	1.03	$	1.63	$	1.20	$	0.98	$	1.11
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	1.16	$	1.60	$	1.12	$	1.22	$	1.10

Balance Sheet
Total assets	$	11,206,586	$	8,335,717	$	8,348,659	$	8,209,047	$	7,802,060
Total debt	$	4,757,076	$	3,340,613	$	3,390,771	$	3,926,494	$	3,434,402
Total liabilities	$	5,314,879	$	3,791,922	$	3,845,308	$	4,346,127	$	3,848,104


	Quarter Ended
	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Operating Information*
Properties	552		432		426		424		422

Manufactured home sites	96,688		95,209		94,232		93,834		93,821
Annual RV sites	27,564		26,817		26,240		26,148		26,056
Transient RV sites	25,043		23,728		22,360		21,880		21,416
Total sites	149,295		145,754		142,832		141,862		141,293

Wet slips and dry storage spaces	38,881		N/A		N/A		N/A		N/A

MH occupancy	96.6	%	96.4	%	96.5	%	95.8	%	95.5	%
RV annual occupancy	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Total blended MH and annual RV occupancy	97.3	%	97.2	%	97.3	%	96.7	%	96.4	%

New home sales	156		155		140		119		140
Pre-owned home sales	626		555		471		644		668
Total home sales	782		710		611		763		808


	Quarter Ended
	12/31/2020	9/30/2020	6/30/2020	3/31/2020	12/31/2019
Net Leased Sites(5)
MH net leased sites	247	349	759	287	437
RV net leased sites	331	427	92	13	232
Total net leased sites	578	776	851	300	669

4th Quarter 2020 Supplemental Information 3 Sun Communities, Inc.

Consolidated Balance Sheets

(amounts in thousands)



	December 31, 2020		December 31, 2019
Assets
Land	$	2,119,364	$	1,414,279
Land improvements and buildings	8,480,597		6,595,272
Rental homes and improvements	637,603		627,175
Furniture, fixtures and equipment	447,039		282,874
Investment property	11,684,603		8,919,600
Accumulated depreciation	(1,968,812)		(1,686,980)
Investment property, net	9,715,791		7,232,620
Cash, cash equivalents and restricted cash	98,294		34,830
Marketable securities	124,726		94,727
Inventory of manufactured homes	46,643		62,061
Notes and other receivables, net	221,650		157,926

Goodwill	428,833		—
Other intangible assets, net	305,611		66,948
Other assets, net	265,038		152,948
Total Assets	$	11,206,586	$	7,802,060
Liabilities
Mortgage loans payable	$	3,444,967	$	3,180,592

Preferred Equity - Sun NG Resorts - mandatorily redeemable	35,249		35,249
Preferred OP units - mandatorily redeemable	34,663		34,663
Lines of credit and other debt(6)	1,242,197		183,898
Distributions payable	86,988		71,704
Advanced reservation deposits and rent	187,730		133,420
Accrued expenses and accounts payable	148,435		127,289
Other liabilities	134,650		81,289
Total Liabilities	5,314,879		3,848,104
Commitments and contingencies


Series D preferred OP units	49,600		50,913
Series F preferred OP units	8,871		—
Series G preferred OP units	25,074		—
Series H preferred OP units	57,833		—
Series I preferred OP units	94,532		—
Other redeemable noncontrolling interests	28,469		27,091
Stockholders' Equity

Common stock	1,076		932
Additional paid-in capital	7,087,658		5,213,264
Accumulated other comprehensive loss	3,178		(1,331)
Distributions in excess of accumulated earnings	(1,566,636)		(1,393,141)
Total Sun Communities, Inc. stockholders' equity	5,525,276		3,819,724
Noncontrolling interests
Common and preferred OP units	85,968		47,686
Consolidated variable interest entities	16,084		8,542
Total noncontrolling interests	102,052		56,228
Total Stockholders' Equity	5,627,328		3,875,952
Total Liabilities, Temporary Equity and Stockholders' Equity	$	11,206,586	$	7,802,060

4th Quarter 2020 Supplemental Information 4 Sun Communities, Inc.

Statements of Operations - Quarter to Date and Year to Date Comparison

(In thousands, except per share amounts) (Unaudited)


	Three Months Ended								Year Ended
	December 31, 2020		December 31, 2019		Change		% Change		December 31, 2020		December 31, 2019		Change		% Change
Revenues
Income from real property (excluding transient revenue)	$	249,065	$	205,131	$	43,934	21.4	%	$	895,945	$	793,403	$	102,542	12.9	%
Transient revenue	27,929		19,886		8,043		40.4	%	134,691		121,504		13,187		10.9	%
Revenue from home sales	48,920		45,271		3,649		8.1	%	175,699		181,936		(6,237)		(3.4)	%
Rental home revenue	16,035		14,745		1,290		8.7	%	62,646		57,572		5,074		8.8	%
Ancillary revenue	35,644		10,481		25,163		240.1	%	102,017		77,638		24,379		31.4	%
Interest income	2,510		3,368		(858)		(25.5)	%	10,119		17,857		(7,738)		(43.3)	%
Brokerage commissions and other revenues, net	4,162		2,937		1,225		41.7	%	17,230		14,127		3,103		22.0	%
Total Revenues	384,265		301,819		82,446		27.3	%	1,398,347		1,264,037		134,310		10.6	%
Expenses
Property operating and maintenance	88,889		63,486		25,403		40.0	%	308,797		266,378		42,419		15.9	%
Real estate taxes	20,265		15,425		4,840		31.4	%	72,606		61,880		10,726		17.3	%
Cost of home sales	36,434		34,327		2,107		6.1	%	131,884		134,357		(2,473)		(1.8)	%
Rental home operating and maintenance	6,058		5,542		516		9.3	%	22,186		21,995		191		0.9	%
Ancillary expenses	27,671		9,099		18,572		204.1	%	63,402		47,432		15,970		33.7	%
Home selling expenses	4,626		3,768		858		22.8	%	15,134		14,690		444		3.0	%
General and administrative expenses	31,795		25,434		6,361		25.0	%	111,288		93,964		17,324		18.4	%

Catastrophic weather-related charges, net	831		435		396		91.0	%	885		1,737		(852)		(49.1)	%
Business combination expense	23,008		—		23,008		N/A		23,008		—		23,008		N/A
Depreciation and amortization	117,423		98,826		18,597		18.8	%	376,876		328,067		48,809		14.9	%

Loss on extinguishment of debt	—		3,027		(3,027)		N/A		5,209		16,505		(11,296)		(68.4)	%
Interest expense	35,013		33,259		1,754		5.3	%	129,071		133,153		(4,082)		(3.1)	%
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,207		(160)		(13.3)	%	4,177		4,698		(521)		(11.1)	%
Total Expenses	393,060		293,835		99,225		33.8	%	1,264,523		1,124,856		139,667		12.4	%
Income / (Loss) Before Other Items	(8,795)		7,984		(16,779)		(210.2)	%	133,824		139,181		(5,357)		(3.8)	%
Gain on remeasurement of marketable securities	8,765		17,692		(8,927)		(50.5)	%	6,129		34,240		(28,111)		(82.1)	%
Gain on foreign currency translation	10,480		4,522		5,958		131.8	%	8,039		4,557		3,482		76.4	%
Gain on disposition of property	—		—		—		N/A		5,595		—		5,595		N/A
Other income / (expense), net(7)	(390)		424		(814)		(192.0)	%	(3,768)		(1,100)		(2,668)		242.5	%
Loss on remeasurement of notes receivable	(964)		—		(964)		N/A		(3,275)		—		(3,275)		N/A
Income / (loss) from nonconsolidated affiliates	392		(6)		398		N/M		1,740		1,374		366		26.6	%
Loss on remeasurement of investment in nonconsolidated affiliates	(103)		—		(103)		N/A		(1,608)		—		(1,608)		N/A
Current tax expense	(328)		(189)		(139)		73.5	%	(790)		(1,095)		305		(27.9)	%
Deferred tax benefit	761		258		503		195.0	%	1,565		222		1,343		605.0	%
Net Income	9,818		30,685		(20,867)		(68.0)	%	147,451		177,379		(29,928)		(16.9)	%
Less: Preferred return to preferred OP units / equity	2,136		1,418		718		50.6	%	6,935		6,058		877		14.5	%
Less: Income attributable to noncontrolling interests	96		720		(624)		(86.7)	%	8,902		9,768		(866)		(8.9)	%
Net Income Attributable to Sun Communities, Inc.	7,586		28,547		(20,961)		(73.4)	%	131,614		161,553		(29,939)		(18.5)	%
Less: Preferred stock distribution	—		—		—		N/A		—		1,288		(1,288)		N/A
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	7,586	$	28,547	$	(20,961)	(73.4)	%	$	131,614	$	160,265	$	(28,651)	(17.9)	%

Weighted average common shares outstanding - basic	104,275		91,342		12,933		14.2	%	97,521		88,460		9,061		10.2	%
Weighted average common shares outstanding - diluted	104,744		91,893		12,851		14.0	%	97,522		88,915		8,607		9.7	%

Basic earnings per share	$	0.07	$	0.31	$	(0.24)	(77.4)	%	$	1.34	$	1.80	$	(0.46)	(25.6)	%
Diluted earnings per share	$	0.07	$	0.31	$	(0.24)	(77.4)	%	$	1.34	$	1.80	$	(0.46)	(25.6)	%

N/M = Percentage change is not meaningful.

4th Quarter 2020 Supplemental Information 5 Sun Communities, Inc.

Outstanding Securities and Capitalization

(amounts in thousands except for *)


Outstanding Securities - As of December 31, 2020

	Number of Units / Shares Outstanding	Conversion Rate*	If Converted(1)	Issuance Price Per Unit*	Annual Distribution Rate*
Non-convertible Securities
Common shares	107,626	N/A	N/A	N/A	$3.16^

Convertible Securities
Common OP units	2,607	1.0000	2,607	N/A	Mirrors common shares distributions

Series A-1 preferred OP units	295	2.4390	719	$100	6.00%
Series A-3 preferred OP units	40	1.8605	75	$100	4.50%
Series C preferred OP units	306	1.1100	340	$100	4.50%
Series D preferred OP units	489	0.8000	391	$100	3.80%
Series E preferred OP units	90	0.6897	62	$100	5.25%
Series F preferred OP units	90	0.6250	56	$100	3.00%
Series G preferred OP units	241	0.6452	155	$100	3.20%
Series H preferred OP units	581	0.6098	355	$100	3.00%
Series I preferred OP units	922	0.6098	562	$100	3.00%

^ Annual distribution is based on the last quarterly distribution annualized.

(1)Calculation may yield minor differences due to fractional shares paid in cash to the stockholder at conversion.


Capitalization - As of December 31, 2020

Equity	Shares	Share Price*		Total
Common shares	107,626	$	151.95	$	16,353,771
Common OP units	2,607	$	151.95	396,134
Subtotal	110,233			$	16,749,905










Preferred OP units as converted	2,715	$	151.95	$	412,544
Total diluted shares outstanding	112,948			17,162,449

Debt
Mortgage loans payable				$	3,444,967

Preferred Equity - Sun NG Resorts - mandatorily redeemable				35,249
Preferred OP units - mandatorily redeemable				34,663
Lines of credit and other debt(6)				1,242,197
Total debt				$	4,757,076

Total Capitalization				$	21,919,525

4th Quarter 2020 Supplemental Information 6 Sun Communities, Inc.

Reconciliations to Non-GAAP Financial Measures

4th Quarter 2020 Supplemental Information 7 Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO(1)

(amounts in thousands except for per share data)


	Three Months Ended				Year Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net Income Attributable To Sun Communities, Inc. Common Stockholders	$	7,586	$	28,547	$	131,614	$	160,265
Adjustments
Depreciation and amortization	117,354		98,950		376,897		328,646
Depreciation on nonconsolidated affiliates	38		—		66		—
Gain on remeasurement of marketable securities	(8,765)		(17,692)		(6,129)		(34,240)

Loss on remeasurement of investment in nonconsolidated affiliates	103		—		1,608		—
Loss on remeasurement of notes receivable	964		—		3,275		—

Income attributable to noncontrolling interests	4		482		7,881		8,474
Preferred return to preferred OP units	494		519		2,231		2,610

Preferred distribution to Series A-4 preferred stock	—		—		—		1,288

Gain on disposition of properties	—		—		(5,595)		—

Gain on disposition of assets, net	(6,929)		(5,273)		(22,180)		(26,356)
FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities(1)(4)	$	110,849	$	105,533	$	489,668	$	440,687
Adjustments

Business combination expense	23,008		—		23,008		—
Other acquisition related costs(8)	1,035		244		2,326		1,146
Loss on extinguishment of debt	—		3,027		5,209		16,505

Catastrophic weather-related charges, net	831		398		885		1,737


Gain on foreign currency translation	(10,480)		(4,522)		(8,039)		(4,557)
Other (income) / expense, net(7)	390		(424)		3,768		1,100
Other adjustments(a)	(761)		278		(1,265)		314







Core FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities(1)(4)	$	124,872	$	104,534	$	515,560	$	456,932

Weighted average common shares outstanding - basic	104,275		91,342		97,521		88,460
Add

Common stock issuable upon conversion of stock options	1		1		1		1
Restricted stock	468		550		455		454
Common OP units	2,496		2,300		2,458		2,448

Common stock issuable upon conversion of certain preferred OP units	798		1,270		907		1,454








Weighted Average Common Shares Outstanding - Fully Diluted	108,038		95,463		101,342		92,817

FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	1.03	$	1.11	$	4.83	$	4.75

Core FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	1.16	$	1.10	$	5.09	$	4.92

(a)Adjustments include deferred compensation amortization upon retirement and deferred tax (benefit) / expense.

4th Quarter 2020 Supplemental Information 8 Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA(1)

(amounts in thousands)


	Three Months Ended				Year Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	7,586	$	28,547	$	131,614	$	160,265
Adjustments
Depreciation and amortization	117,423		98,826		376,876		328,067
Loss on extinguishment of debt	—		3,027		5,209		16,505
Interest expense	35,013		33,259		129,071		133,153
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,207		4,177		4,698
Current tax expense	328		189		790		1,095
Deferred tax benefit	(761)		(258)		(1,565)		(222)
(Income) / loss from nonconsolidated affiliates	(392)		6		(1,740)		(1,374)
Less: Gain on dispositions of assets, net	(6,929)		(5,273)		(22,180)		(26,356)
Less: Gain on disposition of properties	—		—		(5,595)		—
EBITDAre(1)	$	153,315	$	159,530	$	616,657	$	615,831
Adjustments
Catastrophic weather related charges, net	831		435		885		1,737
Business combination expense	23,008		—		23,008		—
Gain on remeasurement of marketable securities	(8,765)		(17,692)		(6,129)		(34,240)
Gain on foreign currency translation	(10,480)		(4,522)		(8,039)		(4,557)
Other (income) / expense, net(6)	390		(424)		3,768		1,100
Loss on remeasurement of notes receivable	964		—		3,275		—
Loss on remeasurement of investment in nonconsolidated affiliates	103		—		1,608		—
Preferred return to preferred OP units / equity	2,136		1,418		6,935		6,058
Income attributable to noncontrolling interests	96		720		8,902		9,768
Preferred stock distribution	—		—		—		1,288
Plus: Gain on dispositions of assets, net	6,929		5,273		22,180		26,356
Recurring EBITDA(1)	$	168,527	$	144,738	$	673,050	$	623,341

4th Quarter 2020 Supplemental Information 9 Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI(1)

(amounts in thousands)


	Three Months Ended				Year Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	7,586	$	28,547	$	131,614	$	160,265
Interest income	(2,510)		(3,368)		(10,119)		(17,857)
Brokerage commissions and other revenues, net	(4,162)		(2,937)		(17,230)		(14,127)
Home selling expenses	4,626		3,768		15,134		14,690
General and administrative expenses	31,795		25,434		111,288		93,964
Catastrophic weather-related charges, net	831		435		885		1,737
Business combination expense	23,008		—		23,008		—
Depreciation and amortization	117,423		98,826		376,876		328,067
Loss on extinguishment of debt	—		3,027		5,209		16,505
Interest expense	35,013		33,259		129,071		133,153
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,207		4,177		4,698
Gain on remeasurement of marketable securities	(8,765)		(17,692)		(6,129)		(34,240)
Gain on foreign currency translation	(10,480)		(4,522)		(8,039)		(4,557)
Gain on disposition of property	—		—		(5,595)		—
Other (income) / expense, net(7)	390		(424)		3,768		1,100
Loss on remeasurement of notes receivable	964		—		3,275		—
Loss / (income) from nonconsolidated affiliates	(392)		6		(1,740)		(1,374)
Loss on remeasurement of investment in nonconsolidated affiliates	103		—		1,608		—
Current tax expense	328		189		790		1,095
Deferred tax benefit	(761)		(258)		(1,565)		(222)
Preferred return to preferred OP units / equity	2,136		1,418		6,935		6,058
Income attributable to noncontrolling interests	96		720		8,902		9,768
Preferred stock distribution	—		—		—		1,288
NOI(1) / Gross Profit	$	198,276	$	167,635	$	772,123	$	700,011


	Three Months Ended				Year Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Real Property NOI(1)	$	167,840	$	146,106	$	649,233	$	586,649
Home Sales NOI(1) / Gross Profit	12,486		10,944		43,815		47,579
Rental Program NOI(1)	29,101		26,682		115,283		104,382
Ancillary NOI(1) / Gross Profit	7,973		1,382		38,615		30,206
Site rent from Rental Program (included in Real Property NOI)(1)(9)	(19,124)		(17,479)		(74,823)		(68,805)
NOI(1) / Gross Profit	$	198,276	$	167,635	$	772,123	$	700,011

4th Quarter 2020 Supplemental Information 10 Sun Communities, Inc.

Non-GAAP and Other Financial Measures

4th Quarter 2020 Supplemental Information 11 Sun Communities, Inc.

Debt Analysis

(amounts in thousands)


	Quarter Ended
	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Debt Outstanding
Mortgage loans payable	$	3,444,967		$	3,191,380		$	3,205,507		$	3,273,808		$	3,180,592

Preferred Equity - Sun NG Resorts - mandatorily redeemable	35,249			35,249			35,249			35,249			35,249
Preferred OP units - mandatorily redeemable	34,663			34,663			34,663			34,663			34,663
Lines of credit and other debt(6)	1,242,197			79,321			115,352			582,774			183,898
Total debt	$	4,757,076		$	3,340,613		$	3,390,771		$	3,926,494		$	3,434,402

% Fixed / Floating
Fixed	74.0		%	97.6		%	96.6		%	85.2		%	94.7		%
Floating	26.0		%	2.4		%	3.4		%	14.8		%	5.3		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Weighted Average Interest Rates
Mortgage loans payable	3.78		%	3.88		%	3.88		%	3.91		%	4.05		%
Preferred Equity - Sun NG Resorts - mandatorily redeemable	6.00		%	6.00		%	6.00		%	6.00		%	6.00		%
Preferred OP units - mandatorily redeemable	5.93		%	5.93		%	5.93		%	5.93		%	6.50		%
Lines of credit and other debt(6)	2.08		%	1.32		%	2.03		%	1.85		%	2.71		%


Total average	3.37		%	3.86		%	3.86		%	3.64		%	4.03		%

Debt Ratios
Net Debt / Recurring EBITDA(1) (TTM)	6.9			5.0			4.8			5.6			5.5
Net Debt / Enterprise Value	21.4		%	18.3		%	17.8		%	22.6		%	19.0		%
Net Debt / Gross Assets	35.5		%	31.6		%	29.7		%	35.6		%	36.0		%

Coverage Ratios
Recurring EBITDA(1) (TTM) / Interest	4.9			4.8			4.5			4.5			4.4
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution	4.8			4.6			4.4			4.3			4.2


Maturities / Principal Amortization Next Five Years	2021			2022			2023			2024			2025
Mortgage loans payable
Maturities	$	—		$	82,155		$	185,618		$	315,330		$	50,528
Principal amortization	59,585			61,364			60,739			57,293			53,879

Preferred Equity - Sun NG Resorts - mandatorily redeemable	—			—			—			33,428			1,821
Preferred OP units - mandatorily redeemable	—			—			—			27,373			—
Lines of credit and other debt(6)	10,000			14,794			65,403			1,152,000			—
Total	$	69,585		$	158,313		$	311,760		$	1,585,424		$	106,228

Weighted average rate of maturities	—		%	4.46		%	4.08		%	4.47		%	4.04		%

4th Quarter 2020 Supplemental Information 12 Sun Communities, Inc.

Real Property Operations – Same Community(2)

(amounts in thousands except for Other Information)



	Three Months Ended								Year Ended
	December 31, 2020		December 31, 2019		Change		% Change		December 31, 2020		December 31, 2019		Change		% Change
Financial Information
Income from real property(10)	$	214,996	$	203,422	$	11,574	5.7	%	$	876,981	$	846,231	$	30,750	3.6	%

Property operating expenses
Payroll and benefits	21,440		19,472		1,968		10.1	%	81,897		82,727		(830)		(1.0)	%
Legal, taxes, and insurance	3,170		2,919		251		8.6	%	10,860		10,351		509		4.9	%
Utilities(10)	16,399		14,120		2,279		16.1	%	66,214		63,410		2,804		4.4	%
Supplies and repair(11)	8,393		6,926		1,467		21.2	%	33,616		33,153		463		1.4	%
Other(a)	6,309		5,462		847		15.5	%	27,916		26,738		1,178		4.4	%
Real estate taxes	15,786		14,039		1,747		12.4	%	63,706		59,649		4,057		6.8	%
Property operating expenses	71,497		62,938		8,559		13.6	%	284,209		276,028		8,181		3.0	%
Real Property NOI(1)	$	143,499	$	140,484	$	3,015	2.1	%	$	592,772	$	570,203	$	22,569	4.0	%

(a) Includes COVID-19 personal protective equipment expense of $0.3 million and $2.4 million for the quarter and year ended December 31, 2020, respectively.


	As of
	December 31, 2020			December 31, 2019			Change			% Change
Other Information
Number of properties	367			367			—

MH occupancy(3)	97.4		%
RV occupancy(3)	100.0		%
MH & RV blended occupancy(3)	98.0		%

Adjusted MH occupancy(3)	98.5		%
Adjusted RV occupancy(3)	100.0		%
Adjusted MH & RV blended occupancy(3)	98.8		%	97.0		%	1.8		%



Sites available for development	6,682			6,314			368

Monthly base rent per site - MH	$	600		$	580		$	20		3.4%(13)
Monthly base rent per site - RV(12)	$	514		$	488		$	26		5.4%(13)
Monthly base rent per site - Total(12)	$	579		$	558		$	21		3.8%(13)

4th Quarter 2020 Supplemental Information 13 Sun Communities, Inc.

Home Sales Summary

(amounts in thousands except for *)



	Three Months Ended											Year Ended
	December 31, 2020			December 31, 2019			Change			% Change		December 31, 2020			December 31, 2019			Change			% Change
Financial Information
New Homes
New home sales	$	21,192		$	19,900		$	1,292		6.5	%	$	79,728		$	71,760		$	7,968		11.1	%
New home cost of sales	17,922			16,817			1,105			6.6	%	65,533			61,557			3,976			6.5	%
NOI(1) / Gross Profit – new homes	3,270			3,083			187			6.1	%	14,195			10,203			3,992			39.1	%
Gross margin % – new homes	15.4		%	15.5		%	(0.1)		%			17.8		%	14.2		%	3.6		%
Average selling price – new homes*	$	135,846		$	142,143		$	(6,297)		(4.4)	%	$	139,874		$	125,674		$	14,200		11.3	%

Pre-owned Homes
Pre-owned home sales	$	27,728		$	25,371		$	2,357		9.3	%	$	95,971		$	110,176		$	(14,205)		(12.9)	%
Pre-owned home cost of sales	18,512			17,510			1,002			5.7	%	66,351			72,800			(6,449)			(8.9)	%
NOI(1) / Gross Profit – pre-owned homes	9,216			7,861			1,355			17.2	%	29,620			37,376			(7,756)			(20.8)	%
Gross margin % – pre-owned homes	33.2		%	31.0		%	2.2		%			30.9		%	33.9		%	(3.0)		%
Average selling price – pre-owned homes*	$	44,294		$	37,981		$	6,313		16.6	%	$	41,799		$	38,416		$	3,383		8.8	%

Total Home Sales
Revenue from home sales	$	48,920		$	45,271		$	3,649		8.1	%	$	175,699		$	181,936		$	(6,237)		(3.4)	%
Cost of home sales	36,434			34,327			2,107			6.1	%	131,884			134,357			(2,473)			(1.8)	%
NOI(1) / Gross Profit – home sales	$	12,486		$	10,944		$	1,542		14.1	%	$	43,815		$	47,579		$	(3,764)		(7.9)	%

Statistical Information
New home sales volume*	156			140			16			11.4	%	570			571			(1)			(0.2)	%
Pre-owned home sales volume*	626			668			(42)			(6.3)	%	2,296			2,868			(572)			(19.9)	%
Total home sales volume*	782			808			(26)			(3.2)	%	2,866			3,439			(573)			(16.7)	%

4th Quarter 2020 Supplemental Information 14 Sun Communities, Inc.

Rental Program Summary

(amounts in thousands except for *)



	Three Months Ended								Year Ended
	December 31, 2020		December 31, 2019		Change		% Change		December 31, 2020		December 31, 2019		Change		% Change
Financial Information
Revenues
Rental home revenue	$	16,035	$	14,745	$	1,290	8.7	%	$	62,646	$	57,572	$	5,074	8.8	%
Site rent from Rental Program(1)(9)	19,124		17,479		1,645		9.4	%	74,823		68,805		6,018		8.7	%
Rental Program revenue	35,159		32,224		2,935		9.1	%	137,469		126,377		11,092		8.8	%

Expenses
Repairs and refurbishment	3,263		3,273		(10)		(0.3)	%	11,886		12,591		(705)		(5.6)	%
Taxes and insurance	2,382		1,857		525		28.3	%	8,460		7,488		972		13.0	%
Other	413		412		1		0.2	%	1,840		1,916		(76)		(4.0)	%
Rental Program operating and maintenance	6,058		5,542		516		9.3	%	22,186		21,995		191		0.9	%
Rental Program NOI(1)	$	29,101	$	26,682	$	2,419	9.1	%	$	115,283	$	104,382	$	10,901	10.4	%

Other Information
Number of sold rental homes*	269		281		(12)		(4.3)	%	850		1,140		(290)		(25.4)	%
Number of occupied rentals, end of period*									11,752		11,325		427		3.8	%
Investment in occupied rental homes, end of period									$	629,162	$	584,771	$	44,391	7.6	%
Weighted average monthly rental rate, end of period*									$	1,042	$	997	$	45	4.5	%

4th Quarter 2020 Supplemental Information 15 Sun Communities, Inc.

Acquisitions and Other Summary(14)

(amounts in thousands except for statistical data)



	Three Months Ended		Year Ended
	December 31, 2020		December 31, 2020
Financial Information
Revenues
Income from real property	$	52,737	$	115,994

Property and Operating Expenses
Payroll and benefits	9,791		19,348
Legal, taxes & insurance	1,064		1,844
Utilities	5,492		12,307
Supplies and repairs	2,205		6,076
Other	5,365		11,058
Real estate taxes	4,479		8,900
Property operating expenses	28,396		59,533
Net operating income (NOI)(1)	$	24,341	$	56,461

Other Information - MH and RVs			December 31, 2020
Number of properties			79
Occupied sites			11,070
Developed sites			12,118
Occupancy %			91.4		%
Transient sites			6,942


Other Information - Marinas												December 31, 2020
Number of properties												106
Wet slips												29,530
Dry storage												9,351
Total wet slips and dry storage												38,881

4th Quarter 2020 Supplemental Information 16 Sun Communities, Inc.


MH and RV Property Summary



Properties	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
FLORIDA
Properties	128		127		125		125		125
Developed sites(15)	39,803		39,517		39,241		39,380		39,230
Occupied(15)	39,063		38,743		38,453		38,526		38,346
Occupancy %(15)	98.1	%	98.0	%	98.0	%	97.8	%	97.7	%
Sites for development	1,497		1,427		1,427		1,527		1,527
MICHIGAN
Properties	74		74		72		72		72
Developed sites(15)	29,086		29,086		27,901		27,883		27,905
Occupied(15)	28,109		28,033		27,191		26,863		26,785
Occupancy %(15)	96.6	%	96.4	%	97.5	%	96.3	%	96.0	%
Sites for development	1,182		1,182		1,182		1,115		1,115
CALIFORNIA
Properties	35		34		32		31		31
Developed sites(15)	6,675		6,372		6,364		5,986		5,981
Occupied(15)	6,602		6,290		6,272		5,948		5,941
Occupancy %(15)	98.9	%	98.7	%	98.6	%	99.4	%	99.3	%
Sites for development	373		373		264		302		302
TEXAS
Properties	24		24		23		23		23
Developed sites(15)	7,766		7,659		7,641		7,627		7,615
Occupied(15)	7,572		7,427		7,289		7,076		7,006
Occupancy %(15)	97.5	%	97.0	%	95.4	%	92.8	%	92.0	%
Sites for development	1,378		1,378		565		555		555
ONTARIO, CANADA
Properties	15		15		15		15		15
Developed sites(15)	4,090		4,067		3,980		3,977		4,031
Occupied(15)	4,090		4,067		3,980		3,977		4,031
Occupancy %(15)	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Sites for development	1,525		1,593		1,593		1,608		1,611
ARIZONA
Properties	14		13		13		13		13
Developed sites(15)	4,323		4,274		4,259		4,268		4,263
Occupied(15)	4,030		3,957		3,932		3,923		3,892
Occupancy %(15)	93.2	%	92.6	%	92.3	%	91.9	%	91.3	%
Sites for development	—		—		—		—		—
INDIANA
Properties	12		11		11		11		11
Developed sites(15)	3,087		3,087		3,087		3,087		3,087
Occupied(15)	2,950		2,957		2,961		2,914		2,900
Occupancy %(15)	95.6	%	95.8	%	95.9	%	94.4	%	93.9	%
Sites for development	277		277		277		277		277
COLORADO
Properties	10		10		10		10		10
Developed sites(14)	2,453		2,453		2,441		2,423		2,423
Occupied(15)	2,380		2,365		2,327		2,318		2,322
Occupancy %(15)	97.0	%	96.4	%	95.3	%	95.7	%	95.8	%
Sites for development	1,250		1,282		1,566		1,867		1,867

4th Quarter 2020 Supplemental Information 17 Sun Communities, Inc.


MH and RV Property Summary



Properties	12/31/2020			9/30/2020		6/30/2020		3/31/2020		12/31/2019
OHIO
Properties	9			9		9		9		9
Developed sites(15)	2,790			2,790		2,778		2,768		2,770
Occupied(15)	2,755			2,758		2,736		2,702		2,716
Occupancy %(15)	98.7	%		98.9	%	98.5	%	97.6	%	98.1	%
Sites for development	22			22		22		59		59
OTHER STATES
Properties	125			115		116		115		113
Developed sites(15)	24,179			22,721		22,780		22,583		22,572
Occupied(15)	23,401			21,995		22,024		21,749		21,678
Occupancy %(15)	96.8	%		96.8	%	96.7	%	96.3	%	96.0	%
Sites for development	2,521			2,596		2,846		2,980		2,980
TOTAL - MH AND ANNUAL RV PORTFOLIO
Properties	446			432		426		424		422
Developed sites(15)	124,252			122,026		120,472		119,982		119,877
Occupied(15)	120,952			118,592		117,165		115,996		115,617
Occupancy %(15)	97.3	%	(16)	97.2	%	97.3	%	96.7	%	96.4	%
Sites for development(17)	10,025			10,130		9,742		10,290		10,293
% Communities age restricted	33.2	%		33.6	%	34.0	%	34.0	%	34.1	%

TRANSIENT RV SITE SUMMARY
Location
Florida	6,011			5,993		5,547		5,311		5,465
California	2,231			2,236		1,978		1,947		1,952
Texas	1,810			1,917		1,590		1,612		1,623
Maryland	1,515			1,515		1,515		1,488		1,488
New York	1,422			900		911		916		923
Arizona	1,337			1,386		1,401		1,392		1,397
Indiana	1,089			534		534		534		534
Ontario, Canada	966			920		1,007		1,009		939
Colorado	962			930		574		291		291
Maine	805			819		837		828		811
New Jersey	813			828		857		875		864
Virginia	737			564		598		630		324
Other states	5,345			5,186		5,011		5,047		4,805
Total Transient RV Sites	25,043			23,728		22,360		21,880		21,416

4th Quarter 2020 Supplemental Information 18 Sun Communities, Inc.

Marina Property Summary

MARINAS

12/31/2020

MICHIGAN

Properties